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"You can observe a lot just by watching." Yogi Berra

"We do not distain to borrow wit or wisdom from any man who is capable of lending us either." Henry Fielding, Tom Jones

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FINRA Denial of Membership Application Upheld

Asensio & Co., Inc., Exchange Act Rel. 68505, December 20, 2012

Asensio & Co. appealed from a Finra decision to deny its membership application. This wasn't surprising as it was controlled by Manual Asensio, who was barred in 2006 from associating with a Finra member for failure to provide information in a Finra investigation.

Exchange Act § 19(f) requires the Commission to dismiss such appeals if it finds that the Finra decision is factually sound, Finra acted in accordance with its rules, and the rules were applied consistently with the purposes of the Exchange Act.

In an unsurprising conclusion, the Commission found that the Finra denial was appropriate and dismissed the appeal.